Mozo reveals winners of the 2022 International Money Transfer awards
Knowing the best way to spend and transfer money internationally can take you down roads less travelled. We just don’t do these things every day! So if you’re moving cash internationally and don’t know how to do this at a lower cost, Mozo has a plan all mapped out for you.
Yes, the winners of the 2022 Mozo Experts Choice Awards for international money transfer (IMT) are here!
Why does this matter? Well, if you don't get the best exchange rate or are hit with hefty international transaction fees, money transfers can cost you big bucks. The 2022 Mozo Experts Choice Awards for International Money Transfer are not just a tip of the hat to the best, but a useful guide for making your money work better for you. Let’s get to the winners!
Stand out international money transfer providers
This year Mozo’s experts analysed 26 IMT providers and the top 3 services based on value were given awards, while the top bank for overseas money transfers was also acknowledged.
Mozo’s winners for 2022 were TorFX, Wise and CurrencyFair, while HSBC won as the best bank for IMT.
In order to pick the winners in this year’s awards, the Mozo experts obtained quotes from each of the 26 IMT providers for both $5,000 and $60,000 AUD to be transferred to USD, GBP and EUR. The results of each quote were analysed and weighed against one another to find which providers offer the cheapest options.
Winners of Mozo Experts Choice International Money Transfer Awards
TorFX
- 2022 Mozo Experts Choice Award winner^ for best International Money Transfer
- No transfer fees
- $200 transfer minimum
TorFX offers transfers of over 40 different currencies to more than 120 countries. It has no fees on your international payments, but keep in mind that the minimum you can transfer is $200. According to TorFX, transfers can take between 24-48 hours. It has features like forward contracts (up to 2 years in advance) and automated regular transfers to pay overseas staff.
Wise
- 2022 Mozo Experts Choice Award winner^ for best International Money Transfer
- 2022 Mozo People’s Choice Award winner in every category
- Low transfer fees and no minimum transfer amount
This multi-award winning international money provider offers transfers to 80 countries in several different currencies. Fees start at a low 0.7% fee per transfer under $10,000 and 0.5% per transfer over $10,000 ($2 minimum fee). There are no transfer minimums but be aware that there is a maximum limit depending on the currency. Take note, Wise won every category in the 2022 Mozo People’s Choice Awards and it's a 2022 Mozo Experts Choice Award winner for best international money transfers.
CurrencyFair
- 2022 Mozo Experts Choice Award winner^ for best International Money Transfer
- $10 transfer minimum (no maximum)
- Low transfer fees
CurrencyFair is a peer-to-peer marketplace IMT option that boasts competitive exchange rates, fast transfers and low fees. CurrencyFair operates among users of the platform in Australia, the UK and Ireland and offers transfers across various currencies. There is a minimum transfer amount of $10 and don’t forget the small fee of $4 per transfer. CurrencyFair says it can transfer funds within 1-2 business days, but depending on which currency you are converting, some transfers can take up to 5 business days.
Best bank for international money transfer bank: HSBC
If you prefer to do your international money transfers through a bank, look no further than HSBC who is the 2022 winner of the Best International Money Transfer Bank Award.
HSBC IMT:
- 2022 Mozo Experts Choice Award winner^ for best International Money Transfer Bank
- Up to a $20 transfer fee
- No minimum transfer amount
HSBC offers transfers of over 19 currencies anywhere in the world. There is an $8 transfer fee if you make the transaction online and $20 if you go to a branch. There is no minimum transfer amount and HSBC says that its transfers take 1-3 business days. It also offers a special feature where, if you have an HSBC Premier account, you’ll have access to open accounts in 29 different markets and transfer instantly between HSBC accounts.
Want to know more about the Mozo Experts Choice Awards winners? Jump over to our Mozo Experts Choice International Money Transfer Awards page for the full methodology report and list of winners. If you want to learn more about IMTs check out our money transfer resources.
* The exchange rates offered by each provider are indicative exchange rates that have either been supplied by each provider or gathered by Mozo. Exchange rates fluctuate constantly and as a consequence the exchange rates listed here may vary to the actual exchange rate you are quoted by a provider. Please ensure you confirm the actual exchange rate with the relevant provider prior to conducting any transaction. These exchange rates are updated every hour.
^See information about the Mozo Experts Choice International Money Transfer Awards
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